The authors suggest that the term "supply chain" may be too limited because it takes a "make-and-sell" view of the business. They believe the term ________ is more appropriate because it suggests a "sense-and-respond" view of

Given the following information, determine the cost of goods sold

Direct Labor Incurred $62,000 Manufacturing Overhead Incurred 175,000 Direct Materials Used 150,000 Finished Goods Inventory, Jan. 1 198,000 Finished Goods Inventory, Dec. 31 98,500 Work-in-Process Inventory, Jan. 1 221,000 Work-in-Process Inventory, Dec. 31 108,000 A) $500,000 B) $608,000 C) $401,500 D) $296,500

Total fixed cost:

A. is the sum of all expenses which are closely related to output. B. is the sum of those costs which do not change in total no matter how much is produced. C. may vary in the short run--but is more or less fixed in the long run. D. is the sum of all costs of manufacturing and distributing a product. E. would be zero if the quantity produced were zero.